HONG KONG, June 7 The Hong Kong-listed shares of
Man Wah Holdings slid more than 15 percent on
Wednesday after research firm Muddy Waters said it was shorting
the stock, accusing it of financial irregularities.
Carson Block, the founder of research firm Muddy Waters who
also last year targeted China's Huishan Dairy Holdings
, said at a conference in Hong Kong the company "had
outsized profits" relative to their business model.
A representative for the company could not be immediately
reached for comment.
Man Wah's shares fell as much as 15.4 percent to HK$5.67
compared with a 0.2 percent drop in the benchmark Hang Seng
(Reporting By Elzio Barreto and Donny Kwok; Writing by Anne
Marie Roantree; Editing by Edwina Gibbs)